An extra $24 a month. That’s how much the average Social Security recipient will get in 2020. That’s according to the Social Security Administration, which said Thursday that the cost-of-living-adjustment is being bumped up 1.6%.That pushes the monthly take for the average retiree past the $1,500 mark for the first time, to $1,503, or $18,036 a year. Some 63 million Americans get Social Security and 8 million get Supplementary Security Income . Some get both.
We’ve already gotten a preview of this with Trump’s own budget proposals, which have urged cuts to both Social Security, Medicare and Medicaid. He has left other breadcrumbs. Years before running for president, he wrote that Social Security eligibility ages should be raised, and that the program itself could be privatized.
The problem with proposing a specific idea is that it opens you up to specific criticism, and in this case, it comes from John Cogan, a senior fellow at Stanford University’s Hoover Institution. Writing in The Wall Street Journal, he says such an idea should be limited only to those recipients who live below the federal poverty line—in other words, means testing. There’s no need, he says, to shower anyone else with cash.
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